We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Salesforce Board's Salaries Too High, Chancery Suit Says

Law360 (January 16, 2019, 10:11 PM EST) -- An investor filed a derivative lawsuit against Salesforce.com Inc. in Delaware Chancery Court on Tuesday claiming the nonemployee directors for the cloud-based software company are paid excessive salaries that stockholders did not properly sign off on.

Stockholder Shiva Stein filed suit against Salesforce co-CEOs Marc Benioff and Keith Block and the company’s 11 nonemployee directors, claiming they breached their fiduciary duty by awarding excessive and unfair compensation, including stock-based awards, to the nonemployee directors. The suit also accuses the nonemployee directors of unjust enrichment.

“The board members have awarded themselves excessive pay compared to Salesforce’s self-selected peer companies. These self-dealing compensation...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!